A letter from the directors of the Luton-based firm stated attempts to negotiate a restructuring deal had failed at the last minute, despite support from its bankers.

John Warburton of Northampton-based Business Recovery & Insolvency was appointed as liquidator to the business on 14 April.

The last set of accounts for the firm show pre-tax losses of 272,511, against a turnover of 2.7m.

WCP was the subject of a management buy-in December 2002, by managing director Derek Burberry and Steven Parker.

The firm had two main areas of business, printing on plastics, polypropylene and PET, and the "Dufex" process foil engraving used for greetings and collectible cards.

Story by Andy Scott